Passing on a pension

[Oggy]

Gents

Some basic info if possible please.

Most of my pension is in a SIPP with HL/AJ Bell. The benefactor for anything left in the pot would be my Mrs. Is it easy enough for her to get hold of it provided I have named her in the will and with HL/AJ Bell? Does she effectively gain control of the pension and operate it as if it is her pension? Do I have to do anything else?

If she pops off, it will all go to our son - who may not be of pensionable age. How can he get hold of the pot?

Many thanks

[Dod101]

Gents

Some basic info if possible please.

Most of my pension is in a SIPP with HL/AJ Bell. The benefactor for anything left in the pot would be my Mrs. Is it easy enough for her to get hold of it provided I have named her in the will and with HL/AJ Bell? Does she effectively gain control of the pension and operate it as if it is her pension? Do I have to do anything else?

If she pops off, it will all go to our son - who may not be of pensionable age. How can he get hold of the pot?

Many thanks

You should take a look at the other thread on this subject but a SIPP is not normally part of your estate so that any instruction in a Will would be of no effect. What you need to do is make sure that you have completed a letter of wishes and sent that to the trustees of the SIPP. In your case HL/AJBell. (Presumably you have two SIPPs?) If you are unfortunate to die before you are 75, your wife can take control and extract what she wants when she wants free of tax under the current rules. She can operate it as if it is her pension ( which by that stage it will be) In the event of her death and your son inherits he can do the same except that he cannot access the benefits until he is 55 I think.

Dod

[BullDog]

Gents

Some basic info if possible please.

Most of my pension is in a SIPP with HL/AJ Bell. The benefactor for anything left in the pot would be my Mrs. Is it easy enough for her to get hold of it provided I have named her in the will and with HL/AJ Bell? Does she effectively gain control of the pension and operate it as if it is her pension? Do I have to do anything else?

If she pops off, it will all go to our son - who may not be of pensionable age. How can he get hold of the pot?

Many thanks

I don't know what the mechanism is at HL or AJB, but you must make an expression of wish for your pension assets. At II there is a link that you go to and populate your wishes on a specific page. HL and AJB will have something similar. The reason you need to do this is because the pension assets are held by trustees on your behalf. The trustees need to know how you wish the pension assets to be treated on your demise. The trustees usually follow the wishes expressed unless they have very strong reasons not to do so.

[mc2fool]

Gents

Some basic info if possible please.

Most of my pension is in a SIPP with HL/AJ Bell. The benefactor for anything left in the pot would be my Mrs. Is it easy enough for her to get hold of it provided I have named her in the will and with HL/AJ Bell? Does she effectively gain control of the pension and operate it as if it is her pension? Do I have to do anything else?

If she pops off, it will all go to our son - who may not be of pensionable age. How can he get hold of the pot?

Many thanks

You should take a look at the other thread on this subject but a SIPP is not normally part of your estate so that any instruction in a Will would be of no effect.

Further, I'd say that one should definitely not put pensions (inc. SIPPs) in wills, as therein would lie the risk that some unknowledgable executor might add the value of it to the estate declared for IHT.....

[Oggy]

Many thanks Gents...All appreciated. I have indicated the benefactor within their websites, but I think I'll also write as belt and braces.

[DrFfybes]

I don't know what the mechanism is at HL or AJB, but you must make an expression of wish for your pension assets.

All pension 'schemes', whether SIPP, Public Sector, or employer provided, have a facility for "expression of Wish" or similar, either for Spouse/dependants' pension, Death in Service Benefit, or SIPP balance, and in what proportion who gets what. That information is what the Trustees refer to when distributing any benefits or assets, although with non statutory components they have discretion to override the wishes.

Further, I'd say that one should definitely not put pensions (inc. SIPPs) in wills, as therein would lie the risk that some unknowledgable executor might add the value of it to the estate declared for IHT.....

Exactly. I have heard it opined (perhaps on these boards) that mentioning it in the Will could be construed as bringing it into the Estate.

Many thanks Gents...All appreciated. I have indicated the benefactor within their websites, but I think I'll also write as belt and braces.

I wouldn't. Just use the system created by the provider. That way if you change your mind you only need to change one thing and not worry about them digging out and destroying a document for you.

Paul

[scrumpyjack]

With HL there is an online facility to record one's wishes and amend at any time if you wish. I guess other large firms like AJB have the same.

[Laughton]

The rules change and this article is over 18 months old but worth a read:-

https://www.investorschronicle.co.uk/id ... of-a-sipp/